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1. Provide an example of each of the factors of production and how the government may alter the factor to expand the productive ability of the economy? Provide a chart if needed?
2. Explain the concept of comparative advantage. How does this concept explain that it is advantageous for the US to trade with a country at a markedly lower level of technological development? Provide a chart if needed?
3. Explain how a minimum wage may allow for more discrimination to occur in a workplace. Is this a certain conclusion? What market conditions would mitigate this outcome? Provide a chart if needed?
4. Explain the assumptions behind the model of perfect competition? Provide a chart if needed?
5. Explain the sources of the recent housing price "bubble"? Provide a chart if needed?
6. Using the PPF and Circular Flow models explain how a government shutdown will likely alter the short- and long-run health of the economy? Provide a chart if needed?
Is the main outcome of economics (high standard of living) the only relevant question in the realm of economic analysis? Do you agree? Is quality of life also significant?
If the demand for corn rise due to its use as an alternative energy source, what will happen to supply of corn's substitute such as soybean?
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Jobs are the key to economic progress. Unless we create more jobs, our standard of living will fall
The owner of a small pizzeria is deciding whether to increase the radius of delivery by one mile. What considerations must be taken into account if such a decision is to increase profitability
The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic. what will happen to the second firms marginal revenue curve and to its profit-maximizing price. competes with a second firm which had been a mon..
illustrate and explain the net welfare loss from imposing such a quota. Under what circumstances would the net welfare loss from an import quota exceed the net welfare loss from an equivalent tariff
With an aid of diagram (consist of both demand & supply curves) show & explain what happens to the equilibrium price & quantity when:1. the preference for pepsi suddenly increases 2. the price of milk has increased which increased the cost of ice cre..
the effect of new technology on consumers is that it makes life easier for society. Cell phones have become miniature computers that can do just about anything we want now. Our cell phone for the past few years have a lot more processing power tha..
will all the value end up going to customers, or will companies be able to reap a share of it will the internet bolster or erode the ability of companies to gain sustainable advantages over their competitors
which of the three funding measures would you support and why- what economic and societal factors affect the demand and pricing of healthcare services in today's market?
Suppose that a profit maximizing companies short run cost is TC=700+60Q. If the demand curve P=300-15Q, which of these options should it do in short run?
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